iRobot completes sell-off
iRobot has completed the sale of its defense and security business to Arlington Capital Partners for up to $45 million, it announced on 4 April. The payment includes a contingent payment based on certain targets.
iRobot will use the sale proceeds for its $85 million accelerated share repurchase. The transaction strengthens the company’s position in the home robots market, as well as enables it to focus on connected home technologies.
Meanwhile, Arlington Capital Partners has set up a private, standalone company Endeavor Robotics to focus on the defence, public safety and industrial markets.
Colin Angle, chairman and chief executive officer, iRobot, said: ‘The closing of the defense and security business sale marks a new beginning for iRobot as we put our full focus on the home. Successful new product introductions including Braava jet and Roomba 980 point to significant growth opportunities in the consumer robotics market.
‘We look forward to capitalising on our home-focused strategy through new consumer products and technologies for the connected home, continued expansion in key international markets including China, and increased investment in global marketing campaigns.’
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